Equibles

8-K

Broadstone Net Lease, Inc. (BNL)

8-K 2026-02-18 For: 2026-02-18
View Original
Added on April 09, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2026

________________________________________________________

BROADSTONE NET LEASE, INC.

(Exact name of Registrant as Specified in Its Charter)

________________________________________________________

Maryland 001-39529 26-1516177
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)
207 High Point Drive<br><br>Suite 300
Victor, New York 14564
(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, Including Area Code:585 287-6500

(Former Name or Former Address, if Changed Since Last Report)

________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange on which registered
Common Stock, $0.00025 par value BNL The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 18, 2026, Broadstone Net Lease, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Additionally, on February 18, 2026, the Company made available on its website an updated presentation containing quarterly supplemental information pertaining to its operations and financial results including the quarter ended December 31, 2025. A copy of the quarterly supplemental information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The press release and quarterly supplemental information are also available on the Company’s website.

The information contained in this Item 2.02, including the information contained in the press release attached as Exhibit 99.1 hereto and quarterly supplemental information attached as Exhibit 99.2 hereto, are being “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. References to the Company’s website in this Current Report on Form 8-K and in the attached Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K do not incorporate by reference the information on such website into this Current Report on Form 8-K and the Company disclaims any such incorporation by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

INDEX TO EXHIBITS

Exhibit No. Description
99.1 Press Release dated February 18, 2026
99.2 Quarterly Supplemental Information for the Quarter Ended December 31, 2025
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BROADSTONE NET LEASE, INC.
Date: February 18, 2026 By: /s/ John D. Callan
Name: John D. Callan<br>Title: Senior Vice President, General Counsel and Secretary

Document

EXHIBIT 99.1

For Immediate Release

February 18, 2026

Company Contact:<br><br>Brent Maedl<br><br>Director, Corporate Finance & Investor Relations<br><br>brent.maedl@broadstone.com<br><br>585.382.8507

Broadstone Net Lease Announces Fourth Quarter and Full Year 2025 Results

VICTOR, N.Y. – Broadstone Net Lease, Inc. (NYSE: BNL) (“BNL”, the “Company”, “we”, “our”, or “us”), today announced its operating results for the year and quarter ended December 31, 2025.

MANAGEMENT COMMENTARY

“2025 was an important year for Broadstone, highlighted by consistent execution and our return to growth through our differentiated strategy " said John Moragne, BNL's Chief Executive Officer. "We significantly advanced our build-to-suit pipeline, improving visibility to embedded revenue growth, navigated tenant-related headlines while driving same-store growth, and invested approximately $430 million in stabilized acquisitions sourced predominantly through direct relationships, all while maintaining tight control of expenses and growing cash flows. Our results in 2025 underscore the strength of our portfolio, our relationships, and our operating platform as we enter 2026 with momentum and a clear runway ahead.”

FULL YEAR 2025 HIGHLIGHTS

OPERATING<br>RESULTS
•Generated adjusted funds from operations (“AFFO”) of 296.3 million, or 1.49 per diluted share, representing a 4.2% increase compared to the previous year.
•Achieved same store rental revenue growth of 2.0% compared to the previous year, driven by strong contractual rent increases and leasing activity throughout the year.
•Incurred 38.9 million of general and administrative expenses, representing a 2.4% increase compared to the prior year. Incurred core general and administrative expenses of 28.7 million, which excludes 9.6 million of stock-based compensation, 0.5 million of non-capitalized transaction costs, and 0.1 million of severance costs, representing a 2.0% decrease compared to the prior year.
•Portfolio was 99.8% leased based on rentable square footage, with only one of our 771 properties vacant and not subject to a lease at quarter end.
•Collected 99.8% of base rents due for the year for all properties under lease, incurring approximately 31bps of lost rent during 2025.
•Subsequent to year end, all six sites previously tenanted by American Signature were assumed by Gardner White pursuant to the court-approved bankruptcy process under existing lease terms, with no rent loss throughout the process.
INVESTMENT & DISPOSITION ACTIVITY
•Subsequent to year end and as of February 12, 2026, we invested 37.5 million, consisting of 17.5 million of build-to-suit developments, and 20.0 million of transitional capital.
•As of the date of this release, we have a total of 174.8 million in remaining estimated investments for build-to-suit developments to be funded through the fourth quarter of 2026. Additionally, we have 7.0 million of commitments to fund revenue generating capital expenditures with existing tenants.
•During the year, we sold 28 properties for gross proceeds of 96.1 million at a weighted average capitalization rate of 7.3% on tenanted properties. Subsequent to year end, we sold one property for 12.1 million.

All values are in US Dollars.

CAPITAL MARKETS ACTIVITY •In February 2025, we extended the maturity date of our $1.0 billion revolving credit facility from March 2026 to March 2029 and entered into a $500.0 million unsecured term loan expiring March 2028, of which $400.0 million was used to repay an existing term loan scheduled to mature in 2026.
•On September 26, 2025, we completed a public offering of $350.0 million 5.00% senior unsecured notes due in 2032, issued at 99.15% of the principal amount. The proceeds were used to repay borrowings on the unsecured revolving credit facility, to fund investments in real estate, and for general corporate purposes. In conjunction with this offering, we terminated $335 million in existing interest rate swaps to realign our notional swap value with our floating rate exposure as a result of our public bond offering.
•Ended the year with total outstanding debt of $2.5 billion, Net Debt of $2.5 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.8x.

FOURTH QUARTER 2025 HIGHLIGHTS

OPERATING<br>RESULTS
•Generated AFFO of 75.8 million, or 0.38 per diluted share, representing a 5.6% increase compared to the previous year.
•Achieved same store rental revenue growth of 2.9% compared to the previous year, driven by strong contractual rent increases and leasing activity throughout the quarter.
•Incurred 9.7 million of general and administrative expenses, representing a 2.6% decrease compared to the same period in the prior year. Incurred core general and administrative expenses of 7.0 million, which excludes 2.5 million of stock-based compensation, and 0.2 million of non-capitalized transaction costs, representing a 6.7% decrease compared to the same period in the prior year.
•Collected 100.0% of base rents due for the quarter for all properties under lease.
INVESTMENT & DISPOSITION ACTIVITY
•During the quarter, we sold 5 properties for gross proceeds of 36.9 million at a weighted average capitalization rate of 6.5% on tenanted properties.
CAPITAL MARKETS ACTIVITY
•During the fourth quarter of 2025, we sold, on a forward basis, 621,487 shares of our common stock at a weighted average price per share of 18.33 for estimated net proceeds of approximately 11.0 million under our at-the-market common equity offering (“ATM Program”), none of which has settled. These sales may be settled, at our discretion, at any time prior to December 2026. Additionally, the Company settled 2,187,700 shares under existing forward sale agreements and received net proceeds of approximately 38.4 million. After considering the shares sold subject to forward sale agreements we have 348.6 million of capacity remaining under the ATM Program as of December 31, 2025.
•During the fourth quarter, we amended our term loan agreements to remove the previously existing 0.10% SOFR credit spread adjustment. Additionally, we amended the 2029 term loan to reduce the credit spread by 0.25% and adjust the fully-extended maturity date to February 2031.

All values are in US Dollars.

SUMMARIZED FINANCIAL RESULTS

For the Three Months Ended For the Twelve Months Ended
(in thousands, except per share data) December 31,<br>2025 September 30, 2025 December 31,<br>2024 December 31,<br>2025 December 31,<br>2024
Revenues $ 118,295 $ 114,167 $ 112,130 $ 454,138 $ 431,800
Net income, including non-controlling interests $ 35,028 $ 27,065 $ 27,607 $ 99,416 $ 168,989
Net earnings per share – diluted $ 0.17 $ 0.14 $ 0.14 $ 0.50 $ 0.86
FFO $ 73,010 $ 70,969 $ 80,003 $ 290,301 $ 300,681
FFO per share $ 0.37 $ 0.36 $ 0.41 $ 1.46 $ 1.52
Core FFO $ 77,699 $ 70,386 $ 74,427 $ 300,515 $ 295,471
Core FFO per share $ 0.39 $ 0.35 $ 0.38 $ 1.51 $ 1.50
AFFO $ 75,846 $ 74,314 $ 70,532 $ 296,281 $ 281,991
AFFO per share $ 0.38 $ 0.37 $ 0.36 $ 1.49 $ 1.43
Diluted Weighted Average Shares Outstanding 197,935 197,632 197,697 197,573 196,619

FFO, Core FFO, and AFFO are measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See the Reconciliation of Non-GAAP Measures later in this press release.

REAL ESTATE PORTFOLIO UPDATE

As of December 31, 2025, we owned a diversified portfolio of 771 individual net leased commercial properties with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces, comprising approximately 41.6 million rentable square feet of operational space. As of December 31, 2025, all but one of our properties were subject to a lease, and our properties were occupied by 206 different commercial tenants, with no single tenant accounting for more than 3.9% of our annualized base rent (“ABR”). Properties subject to a lease represent 99.8% of our portfolio’s rentable square footage. The ABR weighted average lease term and ABR weighted average annual rent increase, pursuant to leases on properties in the portfolio as of December 31, 2025, was 9.6 years and 2.1%, respectively.

Subsequent to quarter end, Gardner White assumed the leases for all six sites previously tenanted by American Signature, effective February 6, 2026, following the court-approved bankruptcy process. Existing lease terms remain in-place while the Company is actively negotiating a new master lease for these locations.

BALANCE SHEET AND CAPITAL MARKETS ACTIVITIES

As of the December 31, 2025, we had total outstanding debt of $2.5 billion, Net Debt of $2.5 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.0x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.8x. We had $723.5 million of available capacity on our unsecured revolving credit facility as of quarter end, and no material maturities until 2027.

Subsequent to quarter end, we sold, on a forward basis, 1,676,00 shares of common stock at a weighted average price per share of $18.63 for an estimated net proceeds of approximately $30.8 million under our ATM Program, none of which has been settled. In total, on a forward basis, we have sold 2,297,487 of shares common stock at a weighted average price per share of $18.55 for an estimated net proceeds of $41.8 million. These sales may be settled, at our discretion, at any time prior to December 31, 2026. As of the date of this release, we have approximately $317.4 million of capacity remaining under our $400 million 2024 ATM Program.

BUILD-TO-SUIT DEVELOPMENT PROJECTS

The following table summarizes our in-process and stabilized developments as of February 12, 2026. We have secured the land and started construction on nine in-process developments.

Property Projected Rentable Square Feet Start Date Target Stabilization Date/Stabilized Date Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment Cumulative Investment Estimated Remaining Investment Estimated Cash Capitalization Rate Estimated Straight-line Yield 1
In-process retail:
Sprouts (Bedford, TX) 22 Jul. 2025 Aug. 2026 15 0.9 % $ 9,533 $ 1,235 $ 8,298 7.2 % 7.7 %
Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15 0.7 % 8,129 1,407 6,722 7.1 % 7.4 %
Academy Sports (Granbury, TX) 55 Oct. 2025 Nov. 2026 15 0.6 % 12,393 2,793 9,600 7.1 % 7.4 %
Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15 0.6 % 14,488 5,824 8,664 7.2 % 7.5 %
In-process industrial:
Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15 3.0 % 55,525 46,038 9,487 7.7 % 9.6 %
Southwire (Bremen, GA) 1,178 Dec. 2024 Oct. 2026 10 2.8 % 115,411 47,954 67,457 7.8 % 8.8 %
Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 Aug. 2026 15 2.8 % 78,242 37,759 40,483 6.9 % 8.3 %
AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12 3.5 % 19,567 15,123 4,444 7.0 % 8.5 %
Palmer Logistics (Midlothian, TX) 2 270 Jul. 2025 Jul. 2026 12.3 3.5 % 32,063 14,817 17,246 7.6 % 9.2 %
2,307 12.9 2.7 % 345,351 172,950 172,401 7.4 % 8.7 %
Stabilized industrial:
UNFI (Sarasota, FL) 1,016 Jan. 2023 Sep. 2024 15 2.5 % 200,958 200,958 — 7.2 % 8.6 %
Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15 3.0 % 58,563 56,534 2,029 7.5 % 9.3 %
Stabilized retail:
7Brew (High Point, NC) 1 Dec. 2024 Feb. 2025 15 1.9 % 1,975 1,975 — 8.0 % 8.8 %
7Brew (Charleston, SC) 1 Feb. 2025 Apr. 2025 15 1.9 % 1,729 1,729 — 7.9 % 8.8 %
7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15 1.9 % 2,008 1,613 395 8.0 % 8.8 %
Total / weighted average 3,448 13.8 2.6 % $ 610,584 $ 435,759 $ 174,825 7.4 % 8.7 %

1 Represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the estimated total project investment.

2 Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

DISTRIBUTIONS

At its February 13, 2026 meeting, our board of directors declared a quarterly dividend of $0.2925 per common share and OP Unit to holders of record as of March 31, 2026, payable on or before April 15, 2026.

2026 GUIDANCE

For 2026, BNL expects to report AFFO of $1.53 to $1.57 per diluted share, which remains unchanged from previously announced guidance.

The guidance is based on the following key assumptions:

(i)investments in real estate properties between $500 million and $625 million;

(ii)dispositions of real estate properties between $75 million and $100 million; and

(iii)total core general and administrative expenses between $30 million and $31 million, revised down from $30.5 to $31.5 million.

Our per share results are sensitive to both the timing and amount of real estate investments, property dispositions, and capital markets activities that occur throughout the year.

The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, including, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

CONFERENCE CALL AND WEBCAST

The Company will host its earnings conference call and audio webcast on Thursday, February 19, 2026, at 11:00 a.m. Eastern Time.

To access the live webcast, which will be available in listen-only mode, please visit: https://events.q4inc.com/attendee/945442806. If you prefer to listen via phone, U.S. participants may dial: 1-833-470-1428 (toll free) or 1-646-844-6383 (local), access code 674510. International access numbers are viewable here: https://www.netroadshow.com/conferencing/global-numbers?confId=94099.

A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. To listen to a replay of the call via the web, which will be available for one year, please visit: https://investors.bnl.broadstone.com.

About Broadstone Net Lease, Inc.

BNL is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of December 31, 2025, BNL’s diversified portfolio consisted of 771 individual net leased commercial properties with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies, and prospects, both business and financial. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “outlook,” “potential,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “projects,” “predicts,” “expect,” “intends,” “anticipates,” “estimates,” “plans,” “would be,” “believes,” “continues,” or the negative version of these words or other comparable words. Forward-looking statements, including our 2026 guidance and assumptions, involve known and unknown risks and uncertainties, which may cause BNL’s actual future results to differ materially from expected results, including, without limitation, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuation of interest rates, local real estate conditions, tenant financial health, property investments and acquisitions, and the timing and uncertainty of completing these property investments and acquisitions, and uncertainties regarding future distributions to our stockholders. These and other risks, assumptions, and uncertainties are described in Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which the Company expects to file with the SEC on February 19, 2026 which you are encouraged to read, and will be available on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company assumes no obligation to, and does not currently intend to, update any forward-looking statements after the date of this press release, whether as a result of new information, future events, changes in assumptions, or otherwise.

Notice Regarding Non-GAAP Financial Measures

In addition to our reported results and net earnings per diluted share, which are financial measures presented in accordance with GAAP, this press release contains and may refer to certain non-GAAP financial measures, including Funds from Operations (“FFO”), Core Funds From Operations (“Core FFO”), AFFO, Net Debt, and Net Debt to Annualized Adjusted EBITDAre. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure, and should be considered in addition to, and not in lieu of, GAAP financial measures. We believe presenting Net Debt to Annualized Adjusted EBITDAre is useful to investors because it provides information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using Annualized Adjusted EBITDAre. You should not consider our Annualized Adjusted EBITDAre as an alternative to net income or cash flows from operating activities determined in accordance with GAAP. A reconciliation of non-GAAP measures to the most directly comparable GAAP financial measure and statements of why management believes these measures are useful to investors are included below.

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share amounts)

December 31, 2025 December 31,<br>2024
Assets
Accounted for using the operating method:
Land $ 781,117 $ 778,826
Land improvements 373,405 357,142
Buildings and improvements 4,118,578 3,815,521
Equipment 15,281 15,843
Total accounted for using the operating method 5,288,381 4,967,332
Less accumulated depreciation (772,589) (672,478)
Accounted for using the operating method, net 4,515,792 4,294,854
Accounted for using the direct financing method 25,497 26,154
Accounted for using the sales-type method 14,405 571
Property under development 265,812 18,784
Investment in rental property, net 4,821,506 4,340,363
Cash and cash equivalents 30,540 14,845
Accrued rental income 178,880 162,717
Tenant and other receivables, net 4,404 3,281
Prepaid expenses and other assets 55,910 41,584
Interest rate swap, assets 18,248 46,220
Goodwill 339,769 339,769
Intangible lease assets, net 268,010 267,638
Total assets $ 5,717,267 $ 5,216,417
Liabilities and equity
Unsecured revolving credit facility $ 266,036 $ 93,014
Mortgages, net 56,689 76,846
Unsecured term loans, net 994,219 897,201
Senior unsecured notes, net 1,190,738 846,064
Interest rate swap, liabilities 1,501 —
Accounts payable and other liabilities 60,081 48,983
Dividends payable 59,513 58,317
Accrued interest payable 13,502 5,837
Intangible lease liabilities, net 41,527 48,731
Total liabilities 2,683,806 2,074,993
Commitments and contingencies (Note 17)
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value; 20,000 shares authorized, no shares issued or outstanding — —
Common stock, $0.00025 par value; 500,000 shares authorized, 191,423 and 188,626 shares issued and outstanding at December 31, 2025 and 2024, respectively 48 47
Additional paid-in capital 3,502,380 3,450,584
Cumulative distributions in excess of retained earnings (620,221) (496,543)
Accumulated other comprehensive income 19,788 49,657
Total Broadstone Net Lease, Inc. equity 2,901,995 3,003,745
Non-controlling interests 131,466 137,679
Total equity 3,033,461 3,141,424
Total liabilities and equity $ 5,717,267 $ 5,216,417

Broadstone Net Lease, Inc. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive (Loss) Income

(in thousands, except per share amounts)

For the Three Months Ended For the Year Ended
December 31, 2025 September 30, 2025 December 31, 2025 December 31,<br>2024
Revenues
Lease revenues, net $ 118,295 $ 114,167 $ 454,138 $ 431,800
Operating expenses
Depreciation and amortization 41,768 40,246 164,086 156,179
Property and operating expense 6,282 6,198 22,971 24,741
General and administrative 9,666 9,974 38,883 37,986
Provision for impairment of investment in rental properties 4,668 6,999 39,734 49,001
Total operating expenses 62,384 63,417 265,674 267,907
Other income (expenses)
Interest income (14) 182 389 994
Interest expense (25,051) (28,230) (94,467) (74,077)
Gain on sale of real estate 8,371 3,259 12,601 73,153
Income taxes (392) (208) (1,154) (1,175)
Other (expenses) income (3,797) 1,312 (6,417) 6,201
Net income 35,028 27,065 99,416 168,989
Net income attributable to non-controlling interests (1,902) (599) (2,921) (6,548)
Net income attributable to Broadstone Net Lease, Inc. $ 33,126 $ 26,466 $ 96,495 $ 162,441
Weighted average number of common shares outstanding
Basic 188,480 188,099 188,123 187,454
Diluted 197,935 197,632 197,573 196,619
Net earnings per common share
Basic $ 0.17 $ 0.14 $ 0.51 $ 0.86
Diluted $ 0.17 $ 0.14 $ 0.50 $ 0.86
Comprehensive income (loss)
Net income $ 35,028 $ 27,065 $ 99,416 $ 168,989
Other comprehensive income (loss)
Change in fair value of interest rate swaps (849) (4,981) (36,185) 124
Realized loss (gain) on interest rate swaps — 6,103 6,091 209
Comprehensive income (loss) 34,179 28,187 69,322 169,322
Comprehensive income (loss) attributable to non-controlling interests (1,867) (646) (1,635) (6,552)
Comprehensive income (loss) attributable to Broadstone Net Lease, Inc. $ 32,312 $ 27,541 $ 67,687 $ 162,770

Reconciliation of Non-GAAP Measures

The following is a reconciliation of net income to FFO, Core FFO, and AFFO for the three months ended December 31, 2025 and September 30, 2025, and the years ended December 31, 2025, and December 31, 2024. Also presented is the weighted average number of shares of our common stock and OP Units used for the diluted per share computation:

For the Three Months Ended For the Year Ended
(in thousands, except per share data) December 31, 2025 September 30, 2025 December 31, 2025 December 31,<br>2024
Net income $ 35,028 $ 27,065 $ 99,416 $ 168,989
Real property depreciation and amortization 41,686 40,164 163,752 155,844
Gain on sale of real estate (8,371) (3,259) (12,601) (73,153)
Provision for impairment on investment in rental properties 4,667 6,999 39,734 49,001
FFO $ 73,010 $ 70,969 $ 290,301 $ 300,681
Net write-offs of accrued rental income 1,103 755 4,089 2,676
Other non-core income from real estate transactions (211) (27) (348) (2,070)
Cost of debt extinguishment — — 166 —
Severance and employee transition costs — 1 55 385
Other (income) expenses1 3,797 (1,312) 6,252 (6,201)
Core FFO $ 77,699 $ 70,386 $ 300,515 $ 295,471
Straight-line rent adjustment (5,140) (4,960) (21,591) (21,652)
Adjustment to provision for credit losses — — (13) (17)
Amortization of debt issuance costs 1,566 1,357 5,488 3,932
Non-capitalized transaction costs 157 125 541 951
Realized gain or loss on interest rate swaps and other non-cash interest expense 14 6,116 6,139 209
Amortization of lease intangibles (1,017) (1,198) (4,470) (4,413)
Stock-based compensation 2,492 2,488 9,597 7,355
Deferred Taxes $ 75 $ — $ 75 $ 155
AFFO $ 75,846 $ 74,314 $ 296,281 $ 281,991
Diluted WASO2 197,935 197,632 197,573 196,619
Net earnings per diluted share3 $ 0.17 $ 0.14 $ 0.50 $ 0.86
FFO per diluted share3 0.37 0.36 1.46 1.52
Core FFO per diluted share3 0.39 0.35 1.51 1.50
AFFO per diluted share3 0.38 0.37 1.49 1.43

1Amount includes $(1.3) million and $1.3 million of unrealized foreign exchange (loss) gain for the three months ended December 31, 2025 and September 30, 2025, respectively, and $(3.7) million and $6.2 million of unrealized foreign exchange (loss) gain for the years ended December 31, 2025 and December 31, 2024, respectively, primarily associated with our Canadian dollar denominated revolving borrowings. Amount includes a $2.5 million write-off of a non-real estate note receivable during the year ended December, 31, 2025.

2Excludes (1,070,383) and 1,071,038 weighted average shares of unvested restricted common stock for the three months ended December 31, 2025 and September 30, 2025, respectively. Excludes 1,057,782 and 924,237 weighted average shares of unvested restricted common stock for the years ended December 31, 2025 and December 31, 2024, respectively.

3Excludes $0.3 million from the numerator for the three months ended December 31, 2025 and September 30, 2025, respectively. Excludes $1.2 million from the numerator for the years ended December 31, 2025 and December 31, 2024, respectively.

Our reported results and net earnings per diluted share are presented in accordance with GAAP. We also disclose FFO, Core FFO, and AFFO, each of which are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the standards established by the Board of Governors of Nareit, the worldwide representative voice for REITs and publicly traded real estate companies with an interest in the U.S. real estate and capital markets. Nareit defines FFO as GAAP net income or loss adjusted to exclude net gains (losses) from sales of certain depreciated real estate assets, depreciation and amortization expense from real estate assets, and impairment charges related to certain previously depreciated real estate assets. FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.

We compute Core FFO by adjusting FFO, as defined by Nareit, to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, cost of debt extinguishments, lease termination fees and other non-core income from real estate transactions, gain on insurance recoveries, severance and employee transition costs, and other extraordinary items. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

We compute AFFO, by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, adjustment to provision for credit losses, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, amortization of net mortgage premiums, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items. We believe that excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors. We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation. We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses.

Specific to our adjustment for straight-line rents, our leases include cash rents that increase over the term of the lease to compensate us for anticipated increases in market rental rates over time. Our leases do not include significant front-loading or back-loading of payments, or significant rent-free periods. Therefore, we find it useful to evaluate rent on a contractual basis as it allows for comparison of existing rental rates to market rental rates.

FFO, Core FFO, and AFFO may not be comparable to similarly titled measures employed by other REITs, and comparisons of our FFO, Core FFO, and AFFO with the same or similar measures disclosed by other REITs may not be meaningful.

Neither the SEC nor any other regulatory body has passed judgment on the acceptability of the adjustments to FFO that we use to calculate Core FFO and AFFO. In the future, the SEC, Nareit or another regulatory body may decide to standardize the allowable adjustments across the REIT industry and in response to such standardization we may have to adjust our calculation and characterization of Core FFO and AFFO accordingly.

The following is a reconciliation of net income to EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre, debt to Net Debt and Pro Forma Net Debt, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre as of and for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024:

For the Three Months Ended
(in thousands) December 31, 2025 September 30, 2025 December 31,<br>2024
Net income $ 35,028 $ 27,065 $ 27,607
Depreciation and amortization 41,768 40,246 42,987
Interest expense 25,051 28,230 19,565
Income taxes 392 208 527
EBITDA $ 102,239 $ 95,749 $ 90,686
Provision for impairment of investment in rental properties 4,667 6,999 17,690
Gain on sale of real estate (8,371) (3,259) (8,197)
EBITDAre $ 98,535 $ 99,489 $ 100,179
Adjustment for current quarter investment activity1 1,821 1,797 28
Adjustment for current quarter disposition activity2 (286) (257) (11)
Adjustment to exclude non-recurring and other expenses3 2,515 (177) 348
Adjustment to exclude net write-offs of accrued rental income 1,103 755 120
Adjustment to exclude realized / unrealized foreign exchange (gain) loss 1,282 (1,312) (4,699)
Adjustment to exclude other income from real estate transactions (392) (43) (1,183)
Adjusted EBITDAre $ 104,578 $ 100,252 $ 94,782
Estimated revenues from developments4 2,867 2,544 334
Pro Forma Adjusted EBITDAre $ 107,445 $ 102,796 $ 95,116
Annualized EBITDAre 394,140 397,956 400,716
Annualized Adjusted EBITDAre 418,312 401,008 379,128
Pro Forma Annualized Adjusted EBITDAre 429,780 411,184 380,464

1Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

2Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

3Amount includes a $2.5 million write-off of a non-real estate note receivable for the three months ended December 31, 2025. Amount includes less than $0.2 million of accelerated lease intangible amortization for the three months ended September 30, 2025. Amount includes $0.2 million of accelerated lease intangible amortization and $0.1 million of severance and employee transition costs for the three months ended December 31, 2024.

4Represents estimated contractual revenues based on in-process development spend to-date.

(in thousands) December 31, 2025 September 30, 2025 December 31,<br>2024
Debt
Unsecured revolving credit facility $ 266,036 $ 95,824 $ 93,014
Unsecured term loans, net 994,219 994,550 897,201
Senior unsecured notes, net 1,190,738 1,190,315 846,064
Mortgages, net 56,689 57,168 76,846
Debt issuance costs 15,072 15,171 6,802
Gross Debt 2,522,754 2,353,028 1,919,927
Cash and cash equivalents (30,540) (81,966) (14,845)
Restricted cash (3,102) (1,354) (1,148)
Net Debt $ 2,489,112 $ 2,269,708 $ 1,903,934
Estimated net proceeds from forward equity agreements1 (10,964) (37,257) (38,514)
Pro Forma Net Debt $ 2,478,148 $ 2,232,451 $ 1,865,420
Leverage Ratios:
Net Debt to Annualized EBITDAre 6.3x 5.7x 4.8x
Net Debt to Annualized Adjusted EBITDAre 6.0x 5.7x 5.0x
Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.8x 5.4x 4.9x

1Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

We define Net Debt as gross debt (total reported debt plus debt issuance costs and original issuance discount) less cash and cash equivalents and restricted cash. We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre.

We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit, as EBITDA excluding gains (losses) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. EBITDA and EBITDAre are not measures of financial performance under GAAP, and our EBITDA and EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our EBITDA and EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

We are focused on a disciplined and targeted investment strategy, together with active asset management that includes selective sales of properties. We manage our leverage profile using a ratio of Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, each discussed further below, which we believe is a useful measure of our ability to repay debt and a relative measure of leverage, and is used in communications with our lenders and rating agencies regarding our credit rating. As we fund new investments using our unsecured Revolving Credit Facility, our leverage profile and Net Debt will be immediately impacted by current quarter investments. However, the full benefit of EBITDAre from new investments will not be received in the same quarter in which the properties are acquired. Additionally, EBITDAre for the quarter includes amounts generated by properties that have been sold during the quarter. Accordingly, the variability in EBITDAre caused by the timing of our investments and dispositions can temporarily distort our leverage ratios. We adjust EBITDAre (“Adjusted EBITDAre”) for the most recently completed quarter (i) to recalculate as if all investments and dispositions had occurred at the beginning of the quarter, (ii) to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and (iii) to eliminate the impact of lease termination fees and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

12

Document

Exhibit 99.2

q42025_supplementalcoverv2a.jpg

Table of Contents

Section Page
About the Data 3
Company Overview 4
Quarterly Financial Summary 5
Balance Sheet 6
Income Statement Summary 7
Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO) 8
Lease Revenues Detail 9
Same Store Rent Growth 10
Capital Structure 12
Equity Rollforward 13
Debt Outstanding 14
Interest Rate Swaps 15
EBITDA, EBITDAre, and Other Non-GAAP Operating Measures 16
Net Debt Metrics & Covenants 17
Debt & Swap Maturities 18
Investment Activity 19
Built-to-Suit Development Projects 20
Transitional Capital 22
Dispositions & Portfolio at a Glance: Key Metrics 23
Diversification: Tenants and Brands 25
Diversification: Property Type 28
Key Statistics by Property Type 30
Diversification: Tenant Industry 31
Diversification: Geography 32
Lease Expirations 33
Portfolio Occupancy 34
Definitions and Explanations 35 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 2
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About the Data

This data and other information described herein are as of and for the three months ended December 31, 2025 unless otherwise indicated. Future performance may not be consistent with past performance and is subject to change and inherent risks and uncertainties. This information should be read in conjunction with Broadstone Net Lease, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, including the financial statements and the management’s discussion and analysis of financial condition and results of operations sections.

Forward Looking Statements

Information set forth herein contains forward-looking statements, which reflect our current views regarding our business, financial performance, growth prospects and strategies, market opportunities, and market trends. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “would be,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of these words or other comparable words. All of the forward-looking statements herein are subject to various risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results, performance, and achievements could differ materially from those expressed in or by the forward-looking statements and may be affected by a variety of risks and other factors. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from such forward-looking statements. These factors include, but are not limited to, risks and uncertainties related to general economic conditions, including but not limited to increases in the rate of inflation and/or fluctuations in interest rates, local real estate conditions, tenant financial health, and property acquisitions and the timing of these investments and acquisitions. These and other risks, assumptions, and uncertainties are described in our filings with the SEC, which are available on the SEC’s website at www.sec.gov.

You are cautioned not to place undue reliance on any forward-looking statements included herein. All forward-looking statements are made as of the date of this document and the risk that actual results, performance, and achievements will differ materially from the expectations expressed or referenced herein will increase with the passage of time. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

IP Disclaimer

This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies. Broadstone Net Lease is not affiliated or associated with, and is not endorsed by and does not endorse, such companies or their products or services.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 3

Company Overview

Broadstone Net Lease, Inc. (NYSE:BNL) (the “Company”, “BNL”, “us”, “our”, and “we”) is an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants’ businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants are able to retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership.

Executive Team Board of Directors
John D. Moragne<br><br>Chief Executive Officer and Member, Board of Directors<br><br>Ryan M. Albano<br><br>President and Chief Operating Officer<br><br>Kevin M. Fennell<br><br>Executive Vice President, Chief Financial Officer and Treasurer<br><br>John D. Callan, Jr.<br><br>Senior Vice President, General Counsel, and Secretary<br><br>Michael B. Caruso<br><br>Senior Vice President, Underwriting & Strategy<br><br>Will D. Garner<br><br>Senior Vice President, Acquisitions<br><br>Jennie L. O’Brien<br><br>Senior Vice President and Chief Accounting Officer<br><br>Molly Kelly Wiegel<br><br>Senior Vice President, Human Resources & Administration Laurie A. Hawkes<br><br>Chairman of the Board<br><br>John D. Moragne<br><br>Chief Executive Officer<br><br>Michael A. Coke<br><br>Jessica Duran<br><br>Laura Felice<br><br>Richard Imperiale<br><br>David M. Jacobstein<br><br>Joseph Saffire<br><br>James H. Watters

Company Contact Information

Brent Maedl

Director, Corporate Finance & Investor Relations

brent.maedl@broadstone.com

585-382-8507

Transfer Agent

Computershare Trust Company, N.A.

150 Royall Street

Canton, Massachusetts 02021

800-736-3001

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 4

Quarterly Financial Summary

(unaudited, dollars in thousands except per share data)

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Financial Summary
Investment in rental property $ 5,328,283 $ 5,147,649 $ 5,058,791 $ 5,032,276 $ 4,994,057
Less accumulated depreciation (772,589) (745,326) (721,195) (694,990) (672,478)
Property under development 265,812 179,172 116,635 35,492 18,784
Investment in rental property, net 4,821,506 4,581,495 4,454,231 4,372,778 4,340,363
Cash and cash equivalents 30,540 81,966 20,784 9,605 14,845
Restricted cash 3,102 1,354 1,192 1,428 1,148
Total assets 5,717,267 5,519,271 5,326,679 5,237,186 5,216,417
Unsecured revolving credit facility 266,036 95,824 197,880 174,122 93,014
Mortgages, net 56,689 57,168 75,685 76,260 76,846
Unsecured term loans, net 994,219 994,550 994,028 893,505 897,201
Senior unsecured notes, net 1,190,738 1,190,315 846,441 846,252 846,064
Total liabilities 2,683,806 2,506,762 2,290,858 2,156,372 2,074,993
Total Broadstone Net Lease, Inc. equity 2,901,995 2,884,658 2,906,693 2,949,734 3,003,745
Total equity (book value) 3,033,461 3,012,509 3,035,821 3,080,814 3,141,424
Revenues 118,295 114,167 112,986 108,690 112,130
General and administrative - other 7,174 7,486 7,100 7,525 7,951
Stock based compensation 2,492 2,488 2,471 2,147 1,977
General and administrative 9,666 9,974 9,571 9,672 9,928
Total operating expenses 62,384 63,417 69,088 70,785 77,369
Interest expense 25,051 28,230 21,112 20,074 19,564
Net income 35,028 27,065 19,830 17,493 27,607
Net earnings per common share, diluted $ 0.17 $ 0.14 $ 0.10 $ 0.09 $ 0.14
FFO 73,010 70,969 73,695 72,627 80,003
FFO per share, diluted 0.37 0.36 $ 0.37 $ 0.37 $ 0.41
Core FFO 77,699 70,386 77,150 75,280 74,427
Core FFO per share, diluted $ 0.39 $ 0.35 $ 0.39 $ 0.38 $ 0.38
AFFO 75,846 74,314 74,308 71,812 70,532
AFFO per share, diluted $ 0.38 $ 0.37 $ 0.38 $ 0.36 $ 0.36
Net cash provided by operating activities 84,567 64,190 79,280 71,459 63,911
Capital expenditures and improvements 248 542 614 1,106 2,205
Capital expenditures and improvements - revenue generating 6,337 5,624 1,994 13,242 3,755
Net cash (used in) provided by investing activities (284,626) (174,054) (131,258) (85,335) 27,338
Net cash provided by (used in) financing activities 150,380 171,208 62,921 8,916 (86,474)
Distributions declared 57,919 57,284 57,284 58,874 57,209
Distributions declared per diluted share $ 0.290 $ 0.290 $ 0.290 $ 0.290 $ 0.290 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 5
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Balance Sheet

(unaudited, in thousands)

December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Assets
Accounted for using the operating method:
Land $ 781,117 $ 778,177 $ 784,092 $ 780,817 $ 778,826
Land improvements 373,405 359,210 360,774 360,197 357,142
Buildings and improvements 4,118,578 3,954,112 3,871,441 3,848,623 3,815,521
Equipment 15,281 16,070 16,070 16,070 15,843
Total accounted for using the operating method 5,288,381 5,107,569 5,032,377 5,005,707 4,967,332
Less accumulated depreciation (772,589) (745,326) (721,195) (694,990) (672,478)
Accounted for using the operating method, net 4,515,792 4,362,243 4,311,182 4,310,717 4,294,854
Accounted for using the direct financing method 25,497 25,673 25,845 25,999 26,154
Accounted for using the sales-type method 14,405 14,407 569 570 571
Property under development 265,812 179,172 116,635 35,492 18,784
Investment in rental property, net 4,821,506 4,581,495 4,454,231 4,372,778 4,340,363
Cash and cash equivalents 30,540 81,966 20,784 9,605 14,845
Accrued rental income 178,880 174,867 172,310 166,436 162,717
Tenant and other receivables, net 4,404 3,573 3,605 2,581 3,281
Prepaid expenses and other assets 55,910 59,866 55,815 52,260 41,584
Interest rate swap, assets 18,248 19,590 23,490 29,681 46,220
Goodwill 339,769 339,769 339,769 339,769 339,769
Intangible lease assets, net 268,010 258,145 256,675 264,076 267,638
Total assets $ 5,717,267 $ 5,519,271 $ 5,326,679 $ 5,237,186 $ 5,216,417
Liabilities and equity
Unsecured revolving credit facility $ 266,036 $ 95,824 $ 197,880 $ 174,122 $ 93,014
Mortgages, net 56,689 57,168 75,685 76,260 76,846
Unsecured term loans, net 994,219 994,550 994,028 893,505 897,201
Senior unsecured notes, net 1,190,738 1,190,315 846,441 846,252 846,064
Interest rate swap, liabilities 1,501 1,994 7,625 3,353 —
Accounts payable and other liabilities 60,081 55,662 57,409 48,424 48,983
Dividends payable 59,513 58,665 58,451 58,220 58,317
Accrued interest payable 13,502 9,488 8,542 9,399 5,837
Intangible lease liabilities, net 41,527 43,096 44,797 46,837 48,731
Total liabilities 2,683,806 2,506,762 2,290,858 2,156,372 2,074,993
Equity
Broadstone Net Lease, Inc. equity:
Preferred stock, $0.001 par value — — — — —
Common stock, $0.00025 par value 48 47 47 47 47
Additional paid-in capital 3,502,380 3,463,010 3,459,939 3,456,041 3,450,584
Cumulative distributions in excess of retained earnings (620,221) (597,571) (571,302) (536,074) (496,543)
Accumulated other comprehensive income 19,788 19,172 18,009 29,720 49,657
Total Broadstone Net Lease, Inc. equity 2,901,995 2,884,658 2,906,693 2,949,734 3,003,745
Non-controlling interests 131,466 127,851 129,128 131,080 137,679
Total equity 3,033,461 3,012,509 3,035,821 3,080,814 3,141,424
Total liabilities and equity $ 5,717,267 $ 5,519,271 $ 5,326,679 $ 5,237,186 $ 5,216,417 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 6
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Income Statement Summary

(unaudited, in thousands except per share data)

Three Months Ended
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Revenues
Lease revenues, net $ 118,295 $ 114,167 $ 112,986 $ 108,690 $ 112,130
Operating expenses
Depreciation and amortization 41,768 40,246 42,575 39,497 42,987
Property and operating expense 6,282 6,198 5,003 5,488 6,764
General and administrative 9,666 9,974 9,571 9,672 9,928
Provision for impairment of investment in rental properties 4,668 6,999 11,939 16,128 17,690
Total operating expenses 62,384 63,417 69,088 70,785 77,369
Other income (expenses)
Interest income (14) 182 122 99 42
Interest expense (25,051) (28,230) (21,112) (20,074) (19,564)
Gain on sale of real estate 8,371 3,259 566 405 8,196
Income taxes (392) (208) (199) (355) (527)
Other income (expenses) (3,797) 1,312 (3,445) (487) 4,699
Net income 35,028 27,065 19,830 17,493 27,607
Net income attributable to non-controlling interests (1,902) (599) 330 (750) (1,217)
Net income attributable to Broadstone Net Lease, Inc. $ 33,126 $ 26,466 $ 20,160 $ 16,743 $ 26,390
Weighted average number of common shares outstanding
Basic (a) 188,480 188,099 188,041 187,865 187,592
Diluted (a) 197,935 197,632 197,138 196,898 196,697
Net earnings per common share (b)
Basic $ 0.17 $ 0.14 $ 0.11 $ 0.09 $ 0.14
Diluted $ 0.17 $ 0.14 $ 0.10 $ 0.09 $ 0.14

(a)Excludes 1,070,383 weighted average shares of unvested restricted common stock for the three months ended December 31, 2025.

(b)Excludes $0.3 million from the numerator for the three months ended December 31, 2025, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 7

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO)

(unaudited, in thousands except per share data)

Three Months Ended
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Net income 35,028 $ 27,065 $ 19,830 $ 17,493 $ 27,607
Real property depreciation and amortization 41,686 40,164 42,492 39,411 42,902
Gain on sale of real estate (8,371) (3,259) (566) (405) (8,196)
Provision for impairment of investment  in rental properties 4,667 6,999 11,939 16,128 17,690
FFO $ 73,010 $ 70,969 $ 73,695 $ 72,627 $ 80,003
Net write-offs of accrued rental income 1,103 755 3 2,228 120
Other non-core income from real estate transactions (211) (27) (46) (63) (1,183)
Cost of debt extinguishment — — — 165 —
Severance and employee transition costs — 1 53 1 187
Other (income) expenses (a) 3,797 (1,312) 3,445 322 (4,700)
Core FFO $ 77,699 $ 70,386 $ 77,150 $ 75,280 $ 74,427
Straight-line rent adjustment (5,140) (4,960) (5,586) (5,907) (6,312)
Adjustment to provision for credit losses — — (13) — —
Amortization of debt issuance costs 1,566 1,357 1,328 1,237 983
Non-capitalized transaction costs 157 125 142 117 299
Realized gain or loss on interest rate swaps and other non-cash interest expense 14 6,116 7 2 (6)
Amortization of lease intangibles (1,017) (1,198) (1,191) (1,064) (991)
Stock-based compensation 2,492 2,488 2,471 2,147 1,977
Deferred taxes 75 — — — 155
AFFO $ 75,846 $ 74,314 $ 74,308 $ 71,812 $ 70,532
Diluted weighted average shares outstanding (b) 197,935 197,632 197,138 196,898 196,697
Net earnings per diluted share (c) $ 0.17 $ 0.14 $ 0.10 $ 0.09 $ 0.14
FFO per diluted share (c) 0.37 0.36 0.37 0.37 0.41
Core FFO per diluted share (c) 0.39 0.35 0.39 0.38 0.38
AFFO per diluted share (c) 0.38 0.37 0.38 0.36 0.36

(a)Amount includes $1.3 million of unrealized and realized foreign exchange loss, primarily associated with our Canadian dollar denominated revolver borrowings, and $2.5 million write-off of a non-real estate note receivable for the three months ended December 31, 2025.

(b)Excludes 1,070,383 weighted average shares of unvested restricted common stock for the three months ended December 31, 2025.

(c)Excludes $0.3 million from the numerator for the three months ended December 31, 2025, related to dividends declared on shares of unvested restricted common stock.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 8

Lease Revenues Detail

(unaudited, in thousands)

Three Months Ended
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Contractual rental amounts billed for operating leases $ 106,196 $ 102,270 $ 101,014 $ 99,314 $ 98,193
Adjustment to recognize contractual operating lease billings on a straight-line basis 5,317 5,134 5,753 6,064 6,444
Net write-offs of accrued rental income (1,103) (755) — (2,228) —
Variable rental amounts earned 1,210 732 718 680 1,098
Earned income from direct financing leases 671 675 679 682 686
Interest income from sales-type leases 474 326 14 14 15
Operating expenses billed to tenants 5,138 5,752 4,795 4,944 5,400
Other income from real estate transactions 392 43 63 77 1,054
Adjustment to revenue recognized for uncollectible rental amounts billed, net — (10) (50) (857) (760)
Total lease revenues, net $ 118,295 $ 114,167 $ 112,986 $ 108,690 $ 112,130 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 9
--- ---

Same Store Rent Growth

(unaudited, in thousands)

Three Months Ended <br>December 31,
Number of Properties 2025 2024 Change % Change
Same Store Properties:
Contractual rent increases
Total 649 $ 81,250 $ 79,792 1.8 %
Industrial 170 47,380 46,549 831 1.8 %
Retail 456 26,556 26,066 490 1.9 %
Other 23 7,314 7,177 137 1.9 %
Revenue generating capital expenditures during periods (a) 6 2,216 2,007 209
Leasing activity 38 4,619 3,628 991
Cash basis tenants (b) 15 2,367 2,400 (33)
Currently vacant 1 — 89 (89)
Same store rental revenue 709 90,452 (c) 87,916 (c) 2,536 2.9 %
Industrial 182 52,282 50,330 1,952 3.9 %
Retail 499 29,963 29,583 380 1.3 %
Other 29 8,208 8,002 206 2.6 %
Non-Same Store Properties:
Investments during periods 62 (d) 16,659 8,693
Contractual rental amounts - current property portfolio 771 107,111 96,609
Sold during periods presented 86 (e) 474 1,753
Contractual rental amounts 857 107,585 98,362
Straight-line and other non-cash adjustments N/A 5,055 7,187
Other revenue (f) N/A 5,549 6,454
Constant currency adjustment N/A 106 127
Total Lease revenues, net $ 118,295 $ 112,130

All values are in US Dollars.

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases are estimated to be $5.0 million compared to the leases under the previous tenants of $4.7 million. Assuming new leases were stabilized as of January 1, 2025 with no impact to prior periods, pro forma same store rent growth for the three months ended December 31, 2025, would be 2.9%.

(d)Property count excludes Transitional Capital properties.

(e)Properties that have initial base rents during periods presented and are no longer in current property portfolio on December 31, 2025.

(f)Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee income, and rents from transitional capital properties.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 10
Years Ended<br><br>December 31,
--- --- --- --- --- --- --- --- --- --- --- ---
Number of Properties 2025 2024 Change % Change
Same Store Properties:
Contractual rent increases
Total 649 $ 321,755 $ 316,009 1.8 %
Industrial 170 188,323 185,219 3,104 1.7 %
Retail 456 104,428 102,444 1,984 1.9 %
Other 23 29,004 28,346 658 2.3 %
Revenue generating capital expenditures during periods (a) 6 8,560 7,963 597
Leasing activity 38 17,069 16,157 912
Cash basis tenants (b) 15 9,512 9,526 (14)
Currently vacant 1 237 355 (118)
Same store rental revenue 709 357,133 (c) 350,010 (c) 7,123 2.0 %
Industrial 182 206,490 201,540 4,950 2.5 %
Retail 499 118,273 116,905 1,368 1.2 %
Other 29 32,370 31,565 805 2.6 %
Non-Same Store Properties:
Investments during periods 62 (d) 48,750 17,097
Contractual rental amounts - current property portfolio 771 405,883 367,107
Sold during periods presented 86 (e) 5,287 19,246
Contractual rental amounts 857 411,170 386,353
Straight-line and other non-cash adjustments N/A 21,769 22,510
Other revenue (f) N/A 21,223 22,732
Constant currency adjustment N/A (24) 205
Total Lease revenues, net $ 454,138 $ 431,800

All values are in US Dollars.

(a)Includes initial base rents in addition to the incremental rents for our revenue generating capital expenditures.

(b)Represents tenants as of the most recent period ended whereby collection of rent over the entire lease term is not considered probable. Revenue is recognized based on cash received.

(c)Leasing to new tenants may be impacted by free rent periods in which no cash is being received. Stabilized annual cash rents on these new leases are estimated to be $5.0 million compared to the leases under the previous tenants of $4.7 million. Assuming new leases were stabilized as of January 1, 2025 with no impact to prior periods, pro forma same store rent growth for the twelve months ended December 31, 2025, would be 2.0%.

(d)Property count excludes Transitional Capital properties.

(e)Properties that have initial base rents during periods presented and are no longer in current property portfolio on December 31, 2025.

(f)Includes operating expenses billed to tenants, other income from real estate transactions, including lease termination fee income, and rents from transitional capital properties.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 11

Capital Structure

a2025q4_capitalizationxsupa.jpg

(in thousands, except per share data)

EQUITY
Shares of Common Stock 191,423
OP Units 8,296
Common Stock & OP Units 199,719
Price Per Share / Unit at December 31, 2025 $ 17.37
IMPLIED EQUITY MARKET CAPITALIZATION $ 3,469,119
% of Total Capitalization 57.9 %
DEBT
Unsecured Revolving Credit Facility $ 266,036
Unsecured Term Loans 1,000,000
Unsecured Term Loan - 2027 200,000
Unsecured Term Loan - 2028 500,000
Unsecured Term Loan - 2029 300,000
Senior Unsecured Notes 1,200,000
Senior Unsecured Notes - 2027 150,000
Senior Unsecured Notes - 2028 225,000
Senior Unsecured Notes - 2030 100,000
Senior Unsecured Public Notes - 2031 375,000
Senior Unsecured Public Notes - 2032 350,000
Mortgage Debt - Various 56,717
TOTAL DEBT $ 2,522,753
% of Total Capitalization 42.1 %
Floating Rate Debt % 12.8 %
Fixed Rate Debt % 87.2 %
Secured Debt % 2.2 %
Unsecured Debt % 97.8 %
Total Capitalization $ 5,991,872
Less: Cash and Cash Equivalents (30,540)
Enterprise Value $ 5,961,332 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 12
--- ---

Equity Rollforward

(in thousands)

Shares of Common Stock OP Units Total Diluted Shares
Balance, January 1, 2025 188,626 8,646 197,272
Grants of restricted stock awards 292 — 292
Retirement of common shares under equity incentive plan (86) — (86)
Forfeiture of restricted stock awards (3) — (3)
OP unit conversion 244 (244) —
Balance, March 31, 2025 189,073 8,402 197,475
Grants of restricted stock awards 61 — 61
Forfeiture of restricted stock awards (4) — (4)
Balance, June 30, 2025 189,130 8,402 197,532
Grants of restricted stock awards 1 — 1
Forfeiture of restricted stock awards (1) — (1)
OP unit conversion 86 (86) —
Balance, September 30, 2025 189,216 8,316 197,532
Grants of restricted stock awards 2,188 — 2,188
Forfeiture of restricted stock awards (1) — (1)
OP unit conversion 20 (20) —
Balance, December 31, 2025 191,423 8,296 199,719 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 13
--- ---

Debt Outstanding

(in thousands)

December 31,
2025 2024 Interest Rate Maturity Date
Unsecured revolving credit facility $ 266,036 $ 93,014 applicable reference rate + 0.85% (a) Mar. 2029 (d)
Unsecured term loans:
2026 Unsecured Term Loan — 400,000 one-month adjusted SOFR + 1.00% (b) Feb. 2026 (e)
2027 Unsecured Term Loan 200,000 200,000 daily simple SOFR + 0.95% (c) Aug. 2027
2028 Unsecured Term Loan 500,000 — one-month SOFR + 0.95% (b) Mar. 2028 (f)
2029 Unsecured Term Loan 300,000 300,000 daily simple SOFR + 0.95% (c) Feb. 2029 (g)
Total unsecured term loans 1,000,000 900,000
Unamortized debt issuance costs, net (5,781) (2,799)
Total unsecured term loans, net 994,219 897,201
Senior unsecured notes:
2027 Senior Unsecured Notes - Series A 150,000 150,000 4.84% Apr. 2027
2028 Senior Unsecured Notes - Series B 225,000 225,000 5.09% Jul. 2028
2030 Senior Unsecured Notes - Series C 100,000 100,000 5.19% Jul. 2030
2031 Senior Unsecured Public Notes 375,000 375,000 2.60% Sep. 2031
2032 Senior Unsecured Public Notes 350,000 — 5.00% Nov. 2032
Total senior unsecured notes 1,200,000 850,000
Unamortized debt issuance costs and original issuance discounts, net (9,262) (3,936)
Total senior unsecured notes, net 1,190,738 846,064
Total unsecured debt, net $ 2,450,993 $ 1,836,279

(a)At December 31, 2025 and 2024, a balance of $193.0 million and $23.5 million, respectively, was subject to daily simple SOFR. The remaining balance of $100.0 million CAD borrowings remeasured to $73.0 million USD and $69.5 million USD, at December 31, 2025 and 2024, respectively, and was subject to daily simple CORRA of 2.30% and 3.32% at December 31, 2025 and 2024, respectively.

(b)At December 31, 2025 and 2024, one-month SOFR was 3.69% and 4.33%, respectively.

(c)At December 31, 2025 and 2024, overnight SOFR was 3.87% and 4.49%, respectively.

(d)The Company’s unsecured revolving credit facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e)The 2026 Unsecured Term Loan was paid in full on February 28, 2025, with borrowings from the 2028 Unsecured Term Loan.

(f)The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(g)The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.

Lender Origination<br>Date Maturity<br>Date Interest<br>Rate December 31,<br>2025 December 31,<br>2024
Wilmington Trust National Association Apr-19 Feb-28 4.92 % $ 41,393 $ 42,838
Wilmington Trust National Association Jun-18 Aug-25 4.36 % — 18,283
PNC Bank Oct-16 Nov-26 3.62 % 15,324 15,792
Total mortgages 56,717 76,913
Debt issuance costs, net (28) (67)
Mortgages, net $ 56,689 $ 76,846 Year of Maturity Revolving <br>Credit Facility Mortgages Term Loans Senior Notes Total
--- --- --- --- --- --- --- --- --- --- ---
2026 $ — $ 16,843 $ — $ — $ 16,843
2027 — 1,596 200,000 150,000 351,596
2028 — 38,278 500,000 225,000 763,278
2029 266,036 — 300,000 — 566,036
2030 — — — 100,000 100,000
Thereafter — — — 725,000 725,000
Total $ 266,036 $ 56,717 $ 1,000,000 $ 1,200,000 $ 2,522,753 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 14
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Interest Rate Swaps

(dollars in thousands)

(in thousands, except interest rates) December 31, 2025
Counterparty Maturity Date Fixed<br>Rate Variable Rate Index Notional<br>Amount Fair <br>Value
Bank of Montreal January 2026 1.92 % daily compounded SOFR 25,000 1
Bank of Montreal January 2026 2.05 % daily compounded SOFR 40,000 2
Capital One, National Association January 2026 2.08 % daily compounded SOFR 35,000 2
Truist Financial Corporation January 2026 1.93 % daily compounded SOFR 25,000 1
Capital One, National Association April 2026 2.68 % daily compounded SOFR 15,000 43
Capital One, National Association July 2026 1.32 % daily compounded SOFR 35,000 410
Bank of Montreal December 2026 2.33 % daily compounded SOFR 10,000 116
Bank of Montreal December 2026 1.99 % daily compounded SOFR 25,000 373
Toronto-Dominion Bank March 2027 2.46 % daily compounded CORRA 14,607 (a) 32
Wells Fargo Bank, N.A. April 2027 2.72 % daily compounded SOFR 25,000 224
Bank of Montreal December 2027 2.37 % daily compounded SOFR 25,000 494
Capital One, National Association December 2027 2.37 % daily compounded SOFR 25,000 493
Wells Fargo Bank, N.A. January 2028 2.37 % daily compounded SOFR 75,000 1,485
Bank of Montreal May 2029 2.09 % daily compounded SOFR 25,000 1,084
Regions Bank May 2029 2.11 % daily compounded SOFR 25,000 1,067
Regions Bank June 2029 2.03 % daily compounded SOFR 25,000 1,136
U.S. Bank National Association June 2029 2.03 % daily compounded SOFR 25,000 1,135
Regions Bank August 2029 2.58 % one-month SOFR 100,000 2,501
Toronto-Dominion Bank August 2029 2.58 % one-month SOFR 45,000 1,145
U.S. Bank National Association August 2029 2.65 % one-month SOFR 15,000 345
U.S. Bank National Association August 2029 2.58 % one-month SOFR 100,000 2,508
U.S. Bank National Association August 2029 1.35 % daily compounded SOFR 25,000 1,793
Toronto-Dominion Bank December 2030 3.66 % daily simple SOFR 70,000 (c) (835)
Regions Bank December 2030 3.66 % daily simple SOFR 55,000 (c) (666)
Regions Bank March 2032 2.69 % daily compounded CORRA 14,607 (a) 394
U.S. Bank National Association March 2032 2.70 % daily compounded CORRA 14,607 (a) 391
Bank of Montreal March 2034 2.81 % daily compounded CORRA 29,214 (b) 1,073
Total Swaps $ 943,035 $ 16,747

(a)The contractual notional amount is $20.0 million CAD.

(b)The contractual notional amount is $40.0 million CAD.

(c)Forward starting swap with an effective date five years prior to the respective maturity date.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 15

EBITDA, EBITDAre, and Other-Non GAAP Operating Measures

(unaudited, in thousands)

Three Months Ended
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Net income $ 35,028 $ 27,065 $ 19,830 $ 17,493 $ 27,607
Depreciation and amortization 41,768 40,246 42,575 39,497 42,987
Interest expense 25,051 28,230 21,112 20,074 19,565
Income taxes 392 208 199 355 527
EBITDA $ 102,239 $ 95,749 $ 83,716 $ 77,419 $ 90,686
Provision for impairment of investment in rental properties 4,667 6,999 11,939 16,128 17,690
Gain on sale of real estate (8,371) (3,259) (566) (405) (8,197)
EBITDAre $ 98,535 $ 99,489 $ 95,089 $ 93,142 $ 100,179
Adjustment for current quarter investment activity (a) 1,821 1,797 573 978 28
Adjustment for current quarter disposition activity (b) (286) (257) (490) (135) (11)
Adjustment to exclude non-recurring and other expenses (c) 2,515 (177) (332) 44 348
Adjustment to exclude net write-offs of accrued rental income 1,103 755 3 2,228 120
Adjustment to exclude realized / unrealized foreign exchange (gain) loss 1,282 (1,312) 3,445 322 (4,699)
Adjustment to exclude cost of debt extinguishment — — — 166 —
Adjustment to exclude other income from real estate transactions (392) (43) (46) (63) (1,183)
Adjusted EBITDAre $ 104,578 $ 100,252 $ 98,242 $ 96,682 $ 94,782
Estimated revenues from developments (d) 2,867 2,544 1,629 631 334
Pro Forma Adjusted EBITDAre $ 107,445 $ 102,796 $ 99,871 $ 97,313 $ 95,116
Annualized EBITDAre $ 394,140 $ 397,956 $ 380,356 $ 372,568 $ 400,716
Annualized Adjusted EBITDAre 418,312 401,008 392,968 386,728 379,128
Pro Forma Annualized Adjusted EBITDAre 429,780 411,184 399,484 389,252 380,464

(a)Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(b)Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c)Amounts include a $2.5 million write-off of a non-real estate note receivable during the three months ended December 31, 2025

(d)Represents estimated contractual revenues based on in-process development spend to-date.

Three Months Ended
December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Adjusted EBITDAre $ 104,578 $ 100,252 $ 98,242 $ 96,682 $ 94,782
General and administrative (excluding certain expenses reflected above) 9,666 9,984 9,524 9,628 9,581
Adjusted Net Operating Income ("NOI") $ 114,244 $ 110,236 $ 107,766 $ 106,310 $ 104,363
Straight-line rental revenue, net (5,676) (5,282) (5,693) (6,084) (6,317)
Other amortization and non-cash charges (1,017) (1,364) (1,569) (1,007) (796)
Adjusted Cash NOI $ 107,551 $ 103,590 $ 100,504 $ 99,219 $ 97,250
Annualized Adjusted NOI $ 456,976 $ 440,944 $ 431,064 $ 425,240 $ 417,452
Annualized Adjusted Cash NOI 430,204 414,360 402,016 396,876 389,000 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 16
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Net Debt Metrics

(in thousands)

December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Debt
Unsecured revolving credit facility $ 266,036 $ 95,824 $ 197,880 $ 174,122 $ 93,014
Unsecured term loans, net 994,219 994,550 994,028 893,505 897,201
Senior unsecured notes, net 1,190,738 1,190,315 846,441 846,252 846,064
Mortgages, net 56,689 57,168 75,685 76,260 76,846
Debt issuance costs 15,072 15,171 9,578 10,300 6,802
Gross Debt 2,522,754 2,353,028 2,123,612 2,000,439 1,919,927
Cash and cash equivalents (30,540) (81,966) (20,784) (9,605) (14,845)
Restricted cash (3,102) (1,354) (1,192) (1,428) (1,148)
Net Debt 2,489,112 2,269,708 2,101,636 1,989,406 1,903,934
Estimated net proceeds from forward equity agreements (a) (10,964) (37,257) (37,722) (38,124) (38,514)
Pro Forma Net Debt $ 2,478,148 $ 2,232,451 $ 2,063,914 $ 1,951,282 $ 1,865,420
Leverage Ratios:
Net Debt to Annualized EBITDAre 6.3x 5.7x 5.5x 5.3x 4.8x
Net Debt to Annualized Adjusted EBITDAre 6.0x 5.7x 5.3x 5.1x 5.0x
Pro Forma Net Debt to Annualized Adjusted EBITDAre 5.8x 5.4x 5.2x 5.0x 4.9x

(a)Represents pro forma adjustment for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented.

Covenants

The following is a summary of key financial covenants for the Company’s unsecured debt instruments. The covenants associated with the Revolving Credit Facility, Unsecured Term Loans with commercial banks, and the Series A-C Senior Unsecured Notes, are reported to the respective lenders via quarterly covenant reporting packages. The covenants associated with the Senior Unsecured Public Notes are not required to be reported externally to third parties, and are instead calculated in connection with borrowing activity and for financial reporting purposes only. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of December 31, 2025, the Company believes it is in compliance with the covenants.

Covenants Required Revolving Credit Facility and Unsecured Term Loans Senior Unsecured <br>Notes Series <br>A, B, & C Senior Unsecured Public Notes
Leverage ratio ≤ 0.60 to 1.00 0.37 0.38 Not Applicable
Secured indebtedness ratio ≤ 0.40 to 1.00 0.01 0.01 Not Applicable
Unencumbered coverage ratio ≥ 1.75 to 1.00 4.05 Not Applicable Not Applicable
Fixed charge coverage ratio ≥ 1.50 to 1.00 3.80 3.80 Not Applicable
Total unsecured indebtedness to total unencumbered eligible property value ≤ 0.60 to 1.00 0.39 0.43 Not Applicable
Dividends and other restricted payments Only applicable in case of default Not Applicable Not Applicable Not Applicable
Aggregate debt ratio ≤ 0.60 to 1.00 Not Applicable Not Applicable 0.42
Consolidated income available for debt to annual debt service charge ≥ 1.50 to 1.00 Not Applicable Not Applicable 4.54
Total unencumbered assets to total unsecured debt ≥ 1.50 to 1.00 Not Applicable Not Applicable 2.40
Secured debt ratio ≤ 0.40 to 1.00 Not Applicable Not Applicable 0.01 BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 17
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Debt Maturities

(dollars in millions)

The Company utilizes diversified sources of debt capital including unsecured bank debt, unsecured notes, and secured mortgages (where appropriate).

Weighted Average Debt Maturity: 4.3 years (a)

a2025q4_debtmaturitiesxsupa.jpg

(a)Our Revolving Credit Facility reflected above assumes exercise of two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments. Our 2028 unsecured term loan reflected above assumes exercise of two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

Swap Maturities

(dollars in millions)

Weighted Average Effective Swap Maturity: 2.9 years

a2025q4_swapmaturitiesxsupa.jpg

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 18

Investment Activity

(square feet and dollars in thousands)

The following tables summarize the Company’s investment activity during 2025.

Q4 2025 Q3 2025 Q2 2025 Q1 2025 YTD 2025
Acquisitions:
Number of transactions 5 3 1 3 12
Number of properties 15 3 1 6 25
Square feet 1,104 1,080 348 438 2,970
Acquisition price $ 176,747 $ 139,462 $ 54,722 $ 59,004 $ 429,935
Industrial 146,504 118,128 54,722 41,088 360,442
Retail 30,243 21,334 — 17,916 69,493
Initial cash capitalization rate 7.0 % 7.1 % 7.1 % 7.2 % 7.0 %
Straight-line yield 8.7 % 8.1 % 8.2 % 8.3 % 8.4 %
Weighted average lease term (years) 17.1 12.0 10.7 13.6 14.2
Weighted average annual rent increase 2.6 % 2.4 % 3.0 % 2.6 % 2.6 %
Build-to-suit developments:
Investments $ 78,523 $ 40,999 $ 63,295 $ 26,494 $ 209,311
Revenue generating capital expenditures:
Number of existing properties — 1 — 3 4
Investments $ — $ 5,507 $ — $ 2,835 $ 8,342
Initial cash capitalization rate — 8.5 % — 8.0 % 8.3 %
Weighted average lease term (years) — 16.7 — 17.7 17.0
Weighted average annual rent increase — 2.0 % — 1.7 % 1.9 %
Transitional capital:
Number of transactions 4 2 2 — 8
Investments $ 60,067 $ 17,926 $ 22,781 $ — $ 100,774
Cash capitalization rate 7.8 % 7.8 % 7.8 % — 7.8 %
Total investments $ 315,337 $ 203,894 $ 140,798 $ 88,333 $ 748,362
Total initial cash capitalization rate (a) 7.0 % 7.1 % 7.1 % 7.2 % 7.0 %
Total weighted average lease term (years) (a) 17.1 12.2 10.7 13.8 14.2
Total weighted average annual rent increase (a) 2.6 % 2.4 % 3.0 % 2.5 % 2.6 %

(a)Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, which do not generate revenue until stabilization, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 19

Build-to-Suit Development Projects

(square feet and dollars in thousands)

The following table summarizes the Company’s in-process developments as of December 31, 2025:

Property Projected Rentable Square Feet Start Date (a) Target Stabilization Date/Stabilized Date (a) Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment (a) Cumulative Investment QTD Q4 2025 Investment Estimated Remaining Investment Estimated Cash Capitalization Rate (a) Estimated Straight-line Yield
In-process retail:
Sprouts (Bedford, TX) 22 Jul. 2025 Aug. 2026 15 0.9 % $ 9,533 $ 626 $ 626 $ 8,907 7.2 % 7.7 %
Hobby Lobby (Granbury, TX) 55 Oct. 2025 Sep. 2026 15 0.7 % 8,129 1,407 1,407 6,722 7.1 % 7.4 %
Academy Sports (Granbury, TX) 55 Oct. 2025 Nov. 2026 15 0.6 % 12,393 2,793 2,793 9,600 7.1 % 7.4 %
Academy Sports (Waco, TX) 68 Dec. 2025 Sep. 2026 15 0.6 % 14,488 5,824 5,824 8,664 7.2 % 7.5 %
In-process industrial:
Sierra Nevada (Dayton, OH) 122 Oct. 2024 Mar. 2026 15 3.0 % 55,525 42,826 15,174 12,699 7.7 % 9.6 %
Southwire (Bremen, GA) 1,178 Dec. 2024 Oct. 2026 10 2.8 % 115,411 42,607 20,407 72,804 7.8 % 8.8 %
Fiat Chrysler Automobile (Forsyth, GA) 422 Apr. 2025 Aug. 2026 15 2.8 % 78,242 34,326 14,691 43,916 6.9 % 8.3 %
AGCO (Visalia, CA) 115 Jun. 2025 Aug. 2026 12 3.5 % 19,567 14,536 222 5,031 7.0 % 8.5 %
Palmer Logistics (Midlothian, TX) (b) 270 Jul. 2025 Jul. 2026 12.3 3.5 % 32,063 12,875 7,615 19,188 7.6 % 9.2 %
2,307 12.9 2.7 % 345,351 157,820 68,759 187,531 7.4 % 8.6 %
Stabilized industrial:
UNFI (Sarasota, FL) 1,016 Jan. 2023 Sep. 2024 15 2.5 % 200,958 200,958 — — 7.2 % 8.6 %
Sierra Nevada (Dayton, OH) 122 Oct. 2024 Nov. 2025 15 3.0 % 58,563 54,146 9,562 4,417 7.5 % 9.3 %
Stabilized retail:
7Brew (High Point, NC) 1 Dec. 2024 Feb. 2025 15 1.9 % 1,975 1,975 — — 8.0 % 8.8 %
7Brew (Charleston, SC) 1 Feb. 2025 Apr. 2025 15 1.9 % 1,729 1,729 — — 7.9 % 8.8 %
7Brew (Jacksonville, FL) 1 Jun. 2025 Nov. 2025 15 1.9 % 2,008 1,613 202 395 8.0 % 8.8 %
Total / weighted average 3,448 13.8 2.6 % $ 610,584 $ 418,241 $ 78,523 $ 192,343 7.4 % 8.7 %

(a)Refer to definitions and explanations appearing at the end of this supplemental document.

(b)Development represents our common and preferred equity investments in a consolidated joint venture, and exclude amounts attributed to non-controlling interest holders.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 20

The following table summarizes the timing of the Company’s construction investment, quarterly rent, and ABR for in-process and stabilized developments as of December 31, 2025:

imagea.jpg

(a)Represents aggregated Estimated Total Project Investment for all projects based on estimated timeline of investment dollars on a quarterly basis. Timing of investment amounts are expected to vary based on actual construction at the properties and will be updated if there are any significant changes to expected costs from quarter to quarter.

(b)Amounts calculated based on aggregate of each project’s estimated rent upon stabilization in accordance with the timing of Target Stabilization Date. We expect to update our timing estimates on a quarterly basis.

.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 21

Transitional Capital

(dollars in thousands)

The following table summarizes the Company’s transitional capital investments, which are excluded from real estate investment portfolio statistics:

Property (a) Investment (’000s) Stabilized Cash Capitalization Rate (b) Annualized Initial Cash NOI Yield Remaining Initial Term (Years)
Sunset Hills Retail Center - St. Louis, MO (c) (d) $ 52,915 8.0 % 7.6 % 1.5
Project Triboro Industrial Park - Olyphant, PA (e) 100,059 7.8 % — % 2.8

(a)Each of the Company’s transitional capital investments at December 31, 2025 are in the form of preferred equity.

(b)Represents stated yield with unpaid amounts accruing with preferential payment.

(c)Agreement includes an additional $7.8 million commitment of preferred capital at the Company's sole discretion. The remaining commitment at December 31, 2025 is $7.1 million. Repayment at end of term subject to a $3.5 million repayment fee.

(d)Underlying property metrics at December 31, 2025: 28 retail spaces, 0.3 million rentable square feet, 6.0 years of weighted average remaining lease term, 98.3% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.4% rent collection (on a quarterly basis).

(e)This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development. Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 22

Dispositions

(square feet and dollars in thousands)

The following table summarizes the Company’s property disposition activity during 2025.

Q1 2025
Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book <br>Value
Other 3 30 $ 9,621 $ 7,385 $ 9,802
Total Properties 3 30 9,621 7,385 9,802
Weighted average cash cap rate 9.2 %
Q2 2025
Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book <br>Value
Retail 6 31 $ 13,720 $ 7,548 $ 9,154
Other 2 67 26,700 5,550 7,473
Total Properties 8 98 40,420 13,098 16,628
Weighted average cash cap rate 9.5 %
Q3 2025
Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book <br>Value
Retail 1 6 $ 2,506 $ 1,512 $ 1,757
Industrial 10 410 40,908 36,561 26,630
Other 1 9 1,791 650 1,938
Total Properties 12 425 45,205 38,723 30,325
Weighted average cash cap rate 7.0 %
Q4 2025
Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book <br>Value
Retail 2 9 $ 6,008 $ 3,134 $ 2,045
Industrial 3 316 47,614 33,763 26,688
Total Properties 5 325 53,622 36,897 28,733
Weighted average cash cap rate 6.5 %
YTD 2025
Property Type Number of Properties Square Feet Acquisition Price Disposition Price Net Book <br>Value
Retail 9 46 $ 22,234 $ 12,194 $ 12,956
Industrial 13 726 88,522 70,324 53,318
Other 6 106 38,112 13,585 19,213
Total Properties 28 878 $ 148,868 $ 96,103 $ 85,487
Weighted average cash cap rate 7.3 % BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 23
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Portfolio at a Glance: Key Metrics (a)

December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024
Properties 771 759 766 769 765
U.S. States 44 44 44 44 44
Canadian Provinces 4 4 4 4 4
Total annualized base rent $428.8 M $412.9 M $404.2 M $401.3 M $395.5 M
Total rentable square footage (“SF”) 41.6 M 40.7 M 40.1 M 39.8 M 39.4 M
Tenants 206 204 205 204 202
Brands 197 195 195 192 190
Industries 57 56 56 55 55
Occupancy (based on SF) 99.8 % 99.5 % 99.1 % 99.1 % 99.1 %
Rent Collection 100.0 % 100.0 % 99.6 % 99.1 % 99.2 %
Top 10 tenant concentration 21.1 % 21.3 % 21.8 % 21.9 % 21.9 %
Top 20 tenant concentration 34.3 % 34.7 % 35.2 % 35.3 % 35.5 %
Investment grade (tenant/guarantor) (b) 20.2 % 20.9 % 20.7 % 20.1 % 20.2 %
Financial reporting coverage (c) 95.4 % 96.6 % 92.4 % 94.1 % 94.2 %
Rent coverage ratio (restaurants only) 3.2x 3.2x 3.3x 3.2x 3.3x
Weighted average annual rent increases 2.1 % 2.0 % 2.0 % 2.0 % 2.0 %
Weighted average remaining lease term 9.6 years 9.5 years 9.7 years 10.0 years 10.2 years
Master leases (based on ABR)
Total portfolio 38.6 % 39.0 % 40.1 % 40.9 % 41.4 %
Multi-site tenants 64.9 % 66.5 % 68.3 % 68.7 % 69.1 %

(a)Property metrics exclude transitional capital investments.

(b)Investment grade tenants are our tenants with a credit rating, and tenants that are subsidiaries or affiliates of companies with a credit rating, as of balance sheet date, of a Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch).

(c)Includes 13.8% related to tenants not required to provide financial information under the terms of our lease, but whose financial statements are available publicly at December 31, 2025.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 24

Diversification: Tenants & Brands

Top 20 Tenants

Tenant Property Type # of<br>Properties ABR<br>(’000s) ABR as a <br>% of Total <br>Portfolio Square <br>Feet <br>(’000s) SF as a <br>% of Total <br>Portfolio
Roskam Baking Company, LLC* Food Processing 7 $ 16,560 3.9 % 2,250 5.4 %
United Natural Foods, Inc. Distribution & Warehouse 1 14,746 3.4 % 1,016 2.5 %
AHF, LLC* Distribution & Warehouse/Manufacturing 8 9,853 2.3 % 2,284 5.5 %
Joseph T. Ryerson & Son, Inc Distribution & Warehouse 11 8,116 1.9 % 1,599 3.8 %
Dollar General Corporation General Merchandise 74 7,835 1.8 % 717 1.7 %
Jack’s Family Restaurants LP* Quick Service Restaurants 43 7,757 1.8 % 147 0.4 %
Tractor Supply Company General Merchandise 23 6,525 1.5 % 462 1.1 %
J. Alexander’s Tractor Supply Company’s, LLC* Casual Dining 16 6,395 1.5 % 131 0.3 %
Nestle’ Dreyer’s Ice Cream Company Cold Storage/Food Processing 2 6,329 1.5 % 503 1.2 %
Salm Partners, LLC* Food Processing 2 6,276 1.5 % 426 1.0 %
Total Top 10 Tenants 187 $ 90,392 21.1 % 9,535 22.9 %
Hensley & Company* Distribution & Warehouse 3 $ 6,231 1.5 % 577 1.4 %
BluePearl Holdings, LLC** Animal Services 13 6,004 1.4 % 159 0.4 %
Axcelis Technologies, Inc. Flex and R&D 1 5,900 1.4 % 418 1.0 %
Owens & Minor Distribution & Warehouse 2 5,785 1.3 % 523 1.3 %
Red Lobster Hospitality & Red Lobster Restaurants LLC* Casual Dining 18 5,674 1.3 % 147 0.3 %
Outback Steakhouse of Florida, LLC*(a) Casual Dining 22 5,636 1.3 % 140 0.3 %
Academy LTD General Merchandise 8 5,600 1.3 % 535 1.3 %
Krispy Kreme Doughnut Corporation Quick Service Restaurants/<br>Food Processing 27 5,537 1.3 % 156 0.4 %
Big Tex Trailer Manufacturing, Inc.* Automotive/Distribution & Warehouse/Manufacturing/Office 17 5,260 1.2 % 1,301 3.1 %
Sierra Nevada Corporation Manufacturing 3 5,094 1.2 % 159 0.4 %
Total Top 20 Tenants 301 $ 147,113 34.3 % 13,650 32.8 %

(a)Tenant’s properties include 20 Outback Steakhouse restaurants and two Carrabba’s Italian Grill restaurants.

•Subject to a master lease.

**Includes properties leased by multiple tenants, some, not all, of which are subject to master leases.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 25

Top 20 Tenants (a)

top20_page1x13026a.jpg

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 26

top20_page2x13026a.jpg

(a)This document contains references to copyrights, trademarks, trade names, and service marks that belong to other companies Broadstone Net Lease is not affiliated with or associated with and is not endorsed by and does not endorse such companies or their products or services.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 27

Diversification: Property Type

(rent percentages based on ABR)

a2025q4_propertytypediversa.jpg

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 28

Diversification: Property Type (continued)

Property Type # of Properties ABR<br>(’000s) ABR as a % <br>of Total <br>Portfolio Square Feet (’000s) SF as a % <br>of Total <br>Portfolio
Industrial
Distribution & Warehouse 53 $ 86,341 20.1 % 12,058 29.0 %
Manufacturing 81 80,171 18.7 % 12,843 30.9 %
Food Processing 36 54,363 12.7 % 6,050 14.5 %
Flex and R&D 8 19,069 4.4 % 1,394 3.4 %
Industrial Services 21 13,093 3.1 % 529 1.3 %
Cold Storage 4 12,441 2.9 % 874 2.1 %
In-Process Development 5 — — % — — %
Untenanted — — — % 55 0.1 %
Industrial Total 208 265,478 61.9 % 33,803 81.3 %
Retail
General Merchandise 156 34,884 8.1 % 2,645 6.4 %
Quick Service Restaurants 154 27,846 6.5 % 516 1.3 %
Casual Dining 95 26,934 6.3 % 637 1.5 %
Animal Services 27 11,605 2.7 % 421 1.0 %
Automotive 63 11,413 2.7 % 755 1.8 %
Home Furnishings 13 7,510 1.7 % 797 1.9 %
Healthcare Services 18 6,094 1.4 % 220 0.5 %
Education 4 2,952 0.7 % 119 0.3 %
In-Process Development 3 — — % — — %
Untenanted 1 — — % 10 — %
Retail Total 534 129,238 30.1 % 6,120 14.7 %
Other
Office 14 24,162 5.7 % 1,311 3.2 %
Clinical & Surgical 15 9,967 2.3 % 327 0.8 %
Other Total 29 34,129 8.0 % 1,638 4.0 %
Total 771 $ 428,845 100.0 % 41,561 100.0 % BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 29
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Key Statistics by Property Type

Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024
Industrial
Number of properties 208 207 215 211 210
Square feet (000s) 33,803 33,081 32,694 32,231 31,898
Weighted average lease term (years) 10.5 10.3 10.5 10.7 11.0
Weighted average annual rent escalation 2.2 % 2.2 % 2.1 % 2.2 % 2.1 %
Percentage of total ABR 61.9 % 61.2 % 60.7 % 59.8 % 59.6 %
Retail
Number of properties 534 523 521 526 520
Square feet (000s) 6,120 5,934 5,790 5,820 5,712
Weighted average lease term (years) 9.4 9.5 9.8 10.0 10.2
Weighted average annual rent escalation 1.7 % 1.7 % 1.7 % 1.7 % 1.7 %
Percentage of total ABR 30.1 % 30.6 % 31.0 % 31.3 % 31.2 %
Other
Number of properties 29 29 30 32 35
Square feet (000s) 1,638 1,638 1,647 1,714 1,744
Weighted average lease term (years) 3.8 4.1 4.2 4.8 5.0
Weighted average annual rent escalation 2.4 % 2.4 % 2.4 % 2.4 % 2.4 %
Percentage of total ABR 8.0 % 8.2 % 8.3 % 8.9 % 9.2 % BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 30
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Diversification: Tenant Industry

Tenant Industry # of Properties ABR<br>(’000s) ABR as a % <br>of Total <br>Portfolio Square Feet (’000s) SF as a % <br>of Total <br>Portfolio
Packaged Foods & Meats 39 $ 57,234 13.3 % 6,339 15.3 %
Restaurants 252 55,623 13.0 % 1,196 2.9 %
Food Distributors 7 28,409 6.6 % 2,534 6.1 %
Specialty Stores 42 22,276 5.2 % 1,932 4.6 %
Distributors 28 22,028 5.1 % 3,357 8.1 %
Healthcare Facilities 42 21,572 5.0 % 748 1.8 %
Auto Parts & Equipment 38 19,071 4.5 % 2,971 7.1 %
Home Furnishing Retail 17 12,502 2.9 % 1,692 4.1 %
General Merchandise Stores 110 11,666 2.7 % 1,035 2.5 %
Specialized Consumer Services 44 11,539 2.7 % 707 1.7 %
Metal & Glass Containers 8 10,933 2.6 % 2,206 5.3 %
Healthcare Services 17 10,868 2.6 % 568 1.3 %
Aerospace & Defense 6 10,287 2.4 % 574 1.4 %
Industrial Machinery 19 9,987 2.3 % 1,901 4.6 %
Forest Products 8 9,853 2.3 % 2,284 5.5 %
Other (42 industries) 93 114,997 26.8 % 11,452 27.5 %
Untenanted properties 1 — — % 65 0.2 %
Total 771 $ 428,845 100.0 % 41,561 100.0 % BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 31
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Diversification: Geography

(rent percentages based on ABR)

a2025q4_propertymapwithcona.jpg

State / <br>Province # of<br>Properties ABR<br>(’000s) ABR as<br>a % of <br>Total <br>Portfolio Square <br>Feet <br>(’000s) SF as a <br>% of <br>Total <br>Portfolio State / <br>Province # of<br>Properties ABR<br>(’000s) ABR as<br>a % of <br>Total <br>Portfolio Square <br>Feet <br>(’000s) SF as a <br>% of <br>Total <br>Portfolio
TX 69 $ 43,680 10.2 % 4,090 9.8 % MS 12 $ 4,184 1.0 % 607 1.5 %
MI 51 36,973 8.6 % 4,009 9.7 % LA 5 3,837 0.9 % 211 0.5 %
FL 28 25,466 5.9 % 1,549 3.7 % NE 6 3,438 0.8 % 492 1.2 %
IL 29 23,334 5.4 % 2,364 5.7 % SC 13 3,404 0.8 % 304 0.7 %
CA 16 22,714 5.3 % 2,215 5.3 % NJ 2 3,404 0.8 % 266 0.6 %
WI 25 22,109 5.2 % 2,223 5.4 % WA 14 3,388 0.8 % 147 0.4 %
OH 49 21,025 4.9 % 1,712 4.1 % IA 4 2,938 0.7 % 622 1.5 %
MN 21 20,226 4.7 % 3,051 7.3 % UT 3 2,810 0.6 % 280 0.7 %
PA 33 16,425 3.8 % 2,305 5.5 % NM 9 2,795 0.6 % 107 0.3 %
TN 48 15,427 3.6 % 1,084 2.6 % CO 4 2,633 0.6 % 126 0.3 %
IN 27 14,360 3.3 % 1,687 4.1 % MD 3 2,167 0.5 % 205 0.5 %
AL 53 13,189 3.1 % 950 2.3 % CT 2 1,945 0.5 % 55 0.1 %
GA 35 12,250 2.9 % 1,576 3.8 % MT 7 1,728 0.4 % 43 0.1 %
NC 26 9,989 2.3 % 961 2.3 % DE 4 1,175 0.3 % 133 0.3 %
KY 23 9,338 2.2 % 927 2.2 % ND 2 1,073 0.3 % 24 0.1 %
MO 19 9,092 2.1 % 1,260 3.0 % VT 2 439 0.1 % 24 0.1 %
WV 18 8,986 2.1 % 1,232 3.0 % WY 1 338 0.1 % 21 0.1 %
AZ 7 8,956 2.1 % 747 1.8 % NV 1 282 0.1 % 6 0.0 %
OK 24 8,537 2.0 % 1,001 2.4 % OR 1 136 0.0 % 9 0.0 %
AR 10 7,771 1.8 % 340 0.8 % Total U.S. 764 $ 420,655 98.1 % 41,131 99.0 %
NY 28 7,410 1.7 % 562 1.4 % BC 2 $ 4,777 1.1 % 253 0.6 %
MA 3 6,338 1.5 % 443 1.1 % ON 3 2,084 0.5 % 101 0.2 %
KS 10 5,325 1.2 % 643 1.5 % AB 1 979 0.2 % 51 0.1 %
VA 15 5,095 1.2 % 178 0.4 % MB 1 350 0.1 % 25 0.1 %
SD 2 4,526 1.1 % 340 0.8 % Total Canada 7 $ 8,190 1.9 % 430 1.0 %
Grand Total 771 $ 428,845 100.0 % 41,561 100.0 % BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 32
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Lease Expirations

(rent percentages based on ABR)

a2025q4_leaseexpxsupplemena.jpg

Expiration Year # of Properties # of Leases ABR<br>(’000s) ABR as a % of Total Portfolio Square Feet (’000s) SF as a % of Total Portfolio
2026 21 22 $ 13,978 3.3 % 1,306 3.1 %
2027 28 29 26,072 6.1 % 2,248 5.4 %
2028 28 28 20,167 4.6 % 1,793 4.3 %
2029 60 35 18,558 4.4 % 2,587 6.2 %
2030 98 61 48,407 11.3 % 4,279 10.3 %
2031 34 29 8,964 2.1 % 872 2.1 %
2032 61 46 33,047 7.7 % 3,481 8.4 %
2033 50 24 19,888 4.6 % 1,495 3.6 %
2034 38 27 14,666 3.4 % 1,245 3.0 %
2035 22 17 16,853 3.9 % 2,219 5.3 %
2036 89 24 33,112 7.7 % 3,274 7.9 %
2037 23 13 29,601 7.0 % 2,786 6.7 %
2038 39 38 13,330 3.1 % 1,255 3.0 %
2039 21 17 23,886 5.5 % 1,869 4.5 %
2040 33 13 17,591 4.1 % 927 2.2 %
2041 40 9 18,147 4.2 % 1,453 3.5 %
2042 58 13 45,558 10.7 % 4,803 11.6 %
2043 3 2 8,050 1.9 % 517 1.2 %
2044 3 3 1,660 0.4 % 103 0.2 %
2045 4 3 7,320 1.7 % 698 1.7 %
Thereafter 9 2 9,990 2.3 % 2,286 5.6 %
Total leased properties 762 455 428,845 100.0 % 41,496 99.8 %
In-process developments 8 9 — — % — — %
Untenanted properties 1 — — — % 65 0.2 %
Total properties 771 464 $ 428,845 100.0 % 41,561 100.0 % BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 33
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Occupancy

Occupancy by Rentable Square Footage

a2025q4_percentleasedxsuppa.jpg

Change in Occupancy

Number of properties
Vacant properties at January 1, 2025 2
Lease expirations (a) 2
Leasing activities (2)
Vacant properties at March 31, 2025 2
Lease expirations (a) 5
Leasing activities (2)
Vacant dispositions (3)
Vacant properties at June 30, 2025 2
Lease expirations (a) 16
Leasing activities (12)
Vacant dispositions (3)
Vacant properties at September 30, 2025 3
Lease expirations (a) 13
Leasing activities (12)
Vacant dispositions (3)
Vacant properties at December 31, 2025 1

(a)Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved and effective in the periods indicated above.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 34

Definitions and Explanations

Adjusted NOI, Annualized Adjusted NOI, Adjusted Cash NOI and Annualized Adjusted Cash NOI: Our reported results and net earnings per diluted share are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). Adjusted NOI and Adjusted Cash NOI are non-GAAP financial measures that we believe are useful to assess property-level performance. We compute Adjusted NOI by adjusting Adjusted EBITDAre (defined below) to exclude general and administrative expenses incurred at the corporate level. Given the net lease nature of our portfolio, we do not incur general and administrative expenses at the property level. To compute Adjusted Cash NOI, we adjust Adjusted NOI to exclude non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash items, based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter. We then annualize quarterly Adjusted NOI and Adjusted Cash NOI by multiplying each amount by four to compute Annualized Adjusted NOI and Annualized Adjusted Cash NOI, respectively, which are also non-GAAP financial measures. We believe Adjusted NOI and Adjusted Cash NOI provide useful and relevant information because they reflect only those income and expense items that are incurred at the property level and present such items on an unlevered basis. We believe that the exclusion of certain non-cash revenues and expenses from Adjusted Cash NOI is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses. You should not unduly rely on Annualized Adjusted NOI and Annualized Adjusted Cash NOI as they are based on assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted NOI and Adjusted Cash NOI for future periods may be significantly different from our Annualized Adjusted NOI and Annualized Adjusted Cash NOI. Additionally, our computation of Adjusted NOI and Adjusted Cash NOI may differ from the methodology for calculating these metrics used by companies in our industry, and, therefore, may not be comparable to similarly titled measures reported by other companies.

Adjusted Secured Overnight Financing Rate (SOFR): We define Adjusted SOFR as the current one month term SOFR plus an adjustment of 0.10% per the terms of our credit facilities.

Annualized Base Rent (ABR): We define ABR as the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month.

Cash Capitalization Rate: Cash Capitalization Rate represents either (1) for acquisitions and new build-to-suit developments, our pro-rata share of the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital.

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre: EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre are non-GAAP financial measures. We compute EBITDA as earnings before interest, income taxes and depreciation and amortization. EBITDA is a measure commonly used in our industry. We believe that this ratio provides investors and analysts with a measure of our performance that includes our operating results unaffected by the differences in capital structures, capital investment cycles and useful life of related assets compared to other companies in our industry. We compute EBITDAre in accordance with the definition adopted by Nareit. Nareit defines EBITDAre as EBITDA excluding gains (loss) from the sales of depreciable property and provisions for impairment on investment in real estate. We believe EBITDA and EBITDAre are useful to investors and analysts because they provide important supplemental information about our operating performance exclusive of certain non-cash and other costs. Adjusted EBITDAre represents EBITDAre, adjusted to reflect revenue producing investments and dispositions for the quarter as if such investments and dispositions had occurred at the beginning of the quarter, and to exclude certain GAAP income and expense amounts that are either non-cash, such as cost of debt extinguishments, realized or unrealized gains and losses on foreign currency transactions, or gains on insurance recoveries, or that we believe are one time, or unusual in nature because they relate to unique circumstances or transactions that had not previously occurred and which we do not anticipate occurring in the future, and to eliminate the impact of lease termination fees, and other items that are not a result of normal operations. While investments in build-to-suit developments have an immediate impact to Net Debt, we do not make an adjustment to EBITDAre until the quarter in which the lease commences. We define our Pro Forma Adjusted EBITDAre as Adjusted EBITDAre adjusted to show the impact of estimated contractual revenues based on in-process development spend to-date. Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from forward sale agreements that have not settled as if they have been physically settled for cash as of the period presented. We then annualize quarterly Adjusted EBITDAre and Pro Forma Adjusted EBITDAre by multiplying them by four (“Annualized Adjusted EBITDAre” and “Annualized Pro Forma Adjusted EBITDAre”). You should not unduly rely on this measure as it is based on assumptions and estimates that may prove to be inaccurate. Our actual reported EBITDAre for future periods may be significantly different from our Annualized Adjusted EBITDAre. Adjusted EBITDAre and Annualized Adjusted EBITDAre are not measurements of performance under GAAP, and our Adjusted EBITDAre and Annualized Adjusted EBITDAre may not be comparable to similarly titled measures of other companies. You should not consider our Adjusted EBITDAre and Annualized Adjusted EBITDAre as alternatives to net income or cash flows from operating activities determined in accordance with GAAP.

Funds From Operations (FFO), Core Funds From Operations (Core FFO), and Adjusted Funds From Operations (AFFO): FFO, Core FFO, and AFFO are non-GAAP measures. We believe the use of FFO, Core FFO, and AFFO are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, and AFFO should not be considered alternatives to net income as a performance measure or to cash flows from operations, as reported on our statement of cash flows, or as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute Core FFO by adjusting FFO to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, severance and employee transition costs, and other extraordinary items. We compute AFFO by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, amortization of debt issuance costs, adjustment to provision for credit losses, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, (gain) loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 35

Definitions and Explanations (continued)

Gross Debt: We define Gross Debt as total debt plus debt issuance costs and original issuance discount.

Net Debt: Net Debt is a non-GAAP financial measure. We define Net Debt as our Gross Debt less cash and cash equivalents and restricted cash.

Occupancy: Occupancy or a specified percentage of our portfolio that is “occupied” or “leased” means as of a specified date the quotient of (1) the total rentable square footage of our properties minus the square footage of our properties that are vacant and from which we are not receiving any rental payment, and (2) the total square footage of our properties.

Rent Coverage Ratio: Rent Coverage Ratio means the ratio of tenant-reported or, when available, management’s estimate, based on tenant-reported financial information, of annual earnings before interest, taxes, depreciation, amortization, and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

Same Store Rental Revenue: Represents cash base rents, net of uncollectible amounts, and excludes the amortization of above/below market leases, straight-line rent, operating expenses billed to tenants, net write-offs of accrued rental income, and other income from real estate transactions for properties that we owned for the entire year-to-date period for both current and prior year except for properties during the current or prior year that were under development. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue.

Straight-line Yield: Straight-line yield represents our pro-rata share of the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the straight-line annual rental income computed in accordance with GAAP, divided by the purchase price.

Definitions Related to Development Properties:

•Estimated Total Project Investment: Represents the estimated costs to be incurred to complete development of each project. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs consisting of capitalized interest and other acquisition costs.

•Estimated Cash Capitalization Rate: Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

•Estimated Straight-line Yield: Represents the estimated first year yield to be generated on a real estate investment, which was computed at the time of investment based on the estimated annual straight-line rental income computed in accordance with GAAP, divided by the Estimated Total Project Investment.

•Start Date: The Start Date represents the period in which we have begun physical construction on a property.

•Target Stabilization Date: The Target Stabilization Date is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.

BROADSTONE NET LEASE, INC. www.broadstone.com © 2026 Broadstone Net Lease, LLC. All rights reserved. 36

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